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SmallBusinessManagementProfessorHornadayLecture5SMALLBUSINESSMANAGEMENTTYPESOFCOMPETITION1.Monopoly2.Oligopoly3.MonopolisticCompetition4.PureCompetitionOverhead50BSMALLBUSINESSMANAGEMENTTHEMARKETINGDISTRIBUTIONCHANNELPRODUCERPROCESSORMANUFACTURERDISTRIBUTORRETAILERCONSUMERLOWVALUEHIGHVALUESMALLBUSINESSMANAGEMENTMARKETNICHE1.GroupofCustomerswithSimilarPurchasingPatterns2.RelevantPriceRangeProducesProfit3.DefensibleagainstAllComersOverhead50ASMALLBUSINESSMANAGEMENTSEGMENTINGTHEMARKET1.Demographics:Age,Sex,Race,Income,Location,Transportation,Etc.2.ShoppingHabits:When,Where,Impulse,PlannedPurchases,Etc.3.MethodofPayment:CashorCharge.Overhead50CSMALLBUSINESSMANAGEMENTMARKETINGRESEARCH1.SecondarySources:Library,SBA,TradeAssociations,ChamberofCommerce,Suppliers,Banks,Etc.2.PrimarySources:Interviews,Questionnaires,MailandTelephone,Demonstrations,Etc.3.CollectandCollatetheInformation.WhatistheDataTellingYou?4.NeedtoKnow:HowManyUnitscanYouSellatWhatPrice?Overhead51SmallBusinessManagementTheFourPs1.Product2.Place3.Price4.PromotionSMALLBUSINESSMANAGEMENTPRICING1.Strategy:SkimorLongTerm?2.CoverCosts3.MeetCompetition4.SatisfyDemandCurve5.RelevantRangeOverhead52RelevantPriceRangeABRelevantPriceRangeLowestPricetoCoverCosts$350$275$2000PricetooHighforCustomersPricetooLowforCustomersSMALLBUSINESSMANAGEMENTSETTINGTHEPRICE1.Markup=GrossMarginPercentageofCost2.Markon=IncreaseoverMarkuptoallowforMarkdown3.MultiplierApproachforServiceFirms4.JobCostEstimatesOverhead52ASMALLBUSINESSMANAGEMENTADVERTISING1.ProductorInstitutional2.TheMessage3.TheMedia4.GettingAssistance5.TheCostversustheBenefitOverhead53SMALLBUSINESSMANAGEMENTSELLING1.GetOrganizedtoSell2.TheFourP's3.SalesPeopleOverhead54SMALLBUSINESSMANAGEMENTSALESTRAINING1.KnowYourself2.KnowYourCompany3.KnowYourProduct4.KnowYourCustomerOverhead54ASMALLBUSINESSMANAGEMENTBUYINGMOTIVES1.Packaging&Image2.BrandName3.StoreLocation4.Price5.TreatmentbySalespeopleOverhead54BSMALLBUSINESSMANAGEMENTCUSTOMERCREDIT1.RetailersuseCash&CarryorCreditCards2.ServiceFirmssometimesmustOfferCredittoMajorCustomers3.Distributors,Wholesalers,andManufacturersuseCreditasaSalesTool4.LargeCustomersareSometimesDifficult,SlowPayersOverhead55SMALLBUSINESSMANAGEMENTLOCATIONSELECTION1.GeneralFactorsa.Personalb.Economicsc.Competitiond.Geographice.LocalLaws2.RetailLocationsa.ConsumerDrivenb.CostversusFootTraffic3.WholesaleLocationsa.Accessb.ZoningandSpace4.ServiceLocationsa.CustomersCometoYoub.YougototheCustomer5.ManufacturingLocationsa.Accessb.LaborForcec.Utilitiesd.ZoningSMALLBUSINESSMANAGEMENTOTHERCONSIDERATIONS1.LeaseBuildings&Equipmenta.LowInitialInvestmentb.LeasePaymentsTaxDeductible2.BuyBuildings&Equipmenta.CapitalAppreciationb.CreatesAssets3.FixturesandFacilitiesa.Retailb.Wholesalec.Serviced.ManufacturingSmallBusinessManagementCustomerDraw1.TrafficStudy2.TransportationMethods3.LicensePlateCheck4.InterviewsSmallBusinessManagementServiceBusinesses1.ServicesIntangible2.BuyersandSellersInterdependent3.ServiceandSellerInseparable4.ServicesarePerishable5.QualityStandardizationDifficultSmallBusinessManagementServiceBuyers1.PersonalAttention2.SubjectiveImpressions3.MarketingTimeSaving4.CustomerWantsIncrease5.SmallThingsCountSmallBusinessManagementValuingService1.LifeStyleChanges2.HighPriceStrategy3.VolumePurchases4.PricingElementsSmallBusinessManagementPromotingServices1.PromoteBenefitsandImage2.Advertising3.PersonalSelling4.FreePublicity